Detroit, MI 48224 Real Estate Market Report
ZIP Code: 48224
Report Date: May 2026
Market Temperature: COLD
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
Market Overview
This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Market Metrics
Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Rental Market
Property Taxes
Liquidity & Velocity
Market Trends & Context
Understanding Market Temperature
A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.
Key Findings
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$89,900 median sold price is the most reliable indicator of current market value for transactions in 48224; recent sales at this level suggest sellers may need to align expectations with actual sale outcomes rather than higher asking prices, and cold market conditions support that adjustment.
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There is a small gap between $88,500 median listing price and $89,900 median sold price, which may indicate limited pricing friction where some listings achieve sale prices near or slightly above ask; sellers should still price competitively given the overall market temperature.
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246 median days on market points to materially slower sales velocity and suggests elevated transaction friction; for sellers this implies longer holding periods and for buyers it indicates more negotiation room.
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$1,250 median market rent plus the signal that rent year-over-year trend is down suggests rental income expectations are softening; combined with elevated interest rate pressure, investors should be selective and stress-test cash flow assumptions before acquiring.
Notable Properties
The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold below market average
Sold below market average
Detroit, MI 48224 Real Estate Market Report
ZIP Code: 48224
Report Date: May 2026
Market Temperature: COLD
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.
Market Overview
This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Market Metrics
Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Rental Market
Property Taxes
Liquidity & Velocity
Market Trends & Context
Understanding Market Temperature
A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.
Key Findings
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The neighborhood's median sold price is $63,000, presented as the primary indicator of market value and recent transaction activity based on a sample of 13 sold properties analyzed; this level should be treated as a representative recent sale rather than an asking-price signal.
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The price year-over-year trend is down (down), and the market temperature is cold, which together suggest slower sales velocity and pricing pressure rather than rapid appreciation.
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The median price per square foot is 131 and the median market rent is $1,050, with rent year-over-year trend down (down); this combination indicates softening rental and sale-side pricing that may narrow near-term investment upside.
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Interest rate pressure is elevated (elevated), which, when paired with the cold market temperature, suggests elevated inventory relative to sales activity and continued caution for sellers — pricing concessions may be required to maintain liquidity.
Notable Properties
The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Sold above market average
Sold above market average
Sold above market average
Sold above market average
Sold above market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.5% rate, 1.7% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
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